Wield a important aspect assisting a round number checking that european economy unifies since method moves towards 1980′s medium term , be that European Union bank credit marketplace integration carries out the analysis measuring, the course carries out the experience checkout on European Union bank credit marketplace integration reality. Result indicates positive significance , European Union bank credit marketplace integration related policy has.
Enormous that Europe economy integration gets progresses during the past 1980′s medium term,on the construction course concentrating building-up and Europe Economic and Monetary Union embodying in the unitary marketplace of Europe. Since the banking is in key position in European Union financial market and entire economy,European Union bank credit marketplace integration has played important role in the process in this two. But, at present, at home and abroad, research about European Union bank credit marketplace integration course is qualitative analysis mainly , is short of the experience checkout. The economy the main body of a book is wielded measures analytical assisting rectifying checkout method , the course carries out the experience checkout on European Union bank credit marketplace integration reality.
One, European Union bank credit marketplace integration policy
The European Union bank credit marketplace integration course starts from 1980′s medium term , indicates suggesting that being that European Communities passes in 1986. In this proposed law, European Communities has suggested that building-up Europe unites big marketplaces target before December 31 , 1992, within this marketplace , completeness realizing the product , personnel service, and capital has flowed. Under the frame “unitary Europe proposed law ” , bank credit marketplace integration has become european economy integration priority, and with advisory announcing of Deluoer and “European Union treaty ” (“Maastricht Treaty “) putting into effect, key driving force bank credit marketplace integration is become driving Europe to forge ahead toward Economic and Monetary Union.
“Unitary Europe proposed law ” be only a target having made European Communities bank credit marketplace integration directionality clear, specific policy shows the guidance suggestion that the council announces for European Communities”.
The European Communities committee has announced “bank the first guide an idea ” as far back as in 1977, whose core clause is to allow foreign bank to set up branch organization under the prerequisite of the regulation in according with the host country. It has opened member state banks in fact member state sets up the branch organization entrance door other in the community , have significant universality significance. But, eliminate since legislation of every country difference, do not lead to any significant multi-national bank activity therefore “bank the first guide an idea “. (89/646/ EEC , course revise Directive) announcing being indicating the Europe banking really composing in reply an unitary marketplace of finance service industry trend’s being a council in 1989 of European Communities , every member state carries out the law that the person changes into in the homeland additionally formally in 1993. This each relate to Europe banking finance service and transnational flexible legislation aspect, have very broad content, it’s the core single under being to be put in common inspection regulation allows principle and the motherland to control principle. According to this two principle, as long as any member state banks and financial institutions, having gained the permission doing business in in the homeland, not bad member state is established a branch other , nonutility is gone on a punitive expedition to such that admitting national permission in advance , whose business is overseen the organization supervision also only by the motherland , not being accepted supervision of the host country and is controlled but. The unitary permission principle and motherland control principle to the banking transnational convenient managing speaks for itself , the bank needs to cost gigantic energy and time to apply for qualification opening branch organization in abroad no longer , whose business operations supervises also only from in the homeland inspection organization, such has avoided be unlike bothering bringing about between member state since overseeing regulation. Besides, this two principle also oversees a frame for European Union has provided one in every country , this frame helps reduce the cost carrying out coordination’s on European Union between every country , the inspection cutting down every country of European Union bears and, have restricted at the same time also the prejudice overseeing person in the lurking every country. The council of European Communities has worked out additional 8 direction ideas during the 1986-1992 years, demand of difference to banking inspection , minimum capital requirement request , liquidity standard , money laundering activity , credit risk , annals prepares a bank has bought each aspect of restructuring making concrete regulation out together.
These direction ideas of council of European Communities have set forth the bank credit marketplace integration legislation request systematically , every member state has demanded these to change national concre of cost then legislation feel at ease additionally. Therefore, European Union not only bank credit marketplace integration be dependent on various direction idea validity , but also the member state concre puts status into practice also and respectively goes hand in hand. Glossy ganoderma Moman (Zimmerman, 1995) has inspected all unitary marketplaces guiding an idea to be in every member state’s putting status into practice , the conclusion reaching has been year end in 1991 to room in April , 1994 , the percentage all direction ideas are already taken up by the direction idea that member state adopts has already risen from 58% to 89%. To April , 1994 “bank second guides an idea ” , by, there are the legislation having already 11 carried out in the homeland according to the request guiding an idea in member state of 12 European Union, the exception only is Spain.
After announcing the direction idea a train of totally Er Yan , in European Communities, European Union bank credit marketplace integration legal frame already builds can say in a certain sense the law unifies than actual marketplace integration goes ahead of the rest single-step.
Two, European Union bank credit marketplace integration experience checkout
(One) hypothesis and data
That the primo , experience are checked is specifically for European Union bank credit marketplace mainly , relate to at the same time also currency market, because of bank credit market interest rate is that interest rate is a basis’s with currency market, the bank credit marketplace and the currency market relation are very close.
The index secondly, checking that is interest rate , is just to be the index judging the bank credit marketplace unifies with interest rate (upper price of financial market). Fair price theory , the marketplace unifying completely ought to abide by unitary price principle according to interest rate , are on the financial market unifying completely in other words,all identical finance assets has same price. From this, interest rate can be the bank credit marketplace integration measurement standard. Diversity being hit by , because of risk in actual conditions, the impact of culture over bank and customer relationship is different , currency policy condition is different , the tactics sexual behaviour incomplete but adopting as well as the bank is to resolve information in every country is different , the bank credit marketplace inner interest rate unifying realizes not definitely all equalling melt. Therefore, we are not melting with strict price equalling as the standard , but put into use assisting the entire concept to European Union bank credit marketplace integration checkout. Joint entire analysis thinks that the marketplace unifies gradually with bank credit, area inner bank fixed price behavior is in more and more rapid and intense meeting field connection integration area inner member state interest rate will show out tending towards same relation together , in other words. In a short time, interest rate (unsteady time series) can separate alteration, but is in a long range but as for analytical concrete angle, within the financial market unifying,market forces will force them to recover to a even relation.
That we pay close attention to here, is nominal profit rather than actual interest rate, this is thinking out of underneath factor in several aspects. First, on financial market, nominal profit is able to reflect international arbitrage process much more better than actual interest rate. Loan person is the nominal profit by that exchange rate expects to adjust rather than actual interest rate in order to carry out comparison , decide, corresponding , those do not anticipate that adjusted nominal profit is interested in by the fact that direct investments way carries out transnational business like flexible bank also however face to face course exchange rate. Both above-mentioned have composed main international arbitrage process participator , nominal profit has been therefore in the process of international arbitrage more important than actual interest rate. Secondly, use actual interest rate to be in progress judging self is having be difficult to overcome problem. One aspect , actual interest rate expression , whose difference are respectively have no way to compare , simultaneous with currency of every country, any organization does not carry out comparison on transnational actual interest rate , the investor or the loan therefore to single to inspect with person , actual interest rate difference can not provide earn profit chance. On the other hand, actual interest rate depends on a purchasing power parity to a great extent since average , purchasing power parity of every country can not have very big departures but to long range , just saying average actual interest rate of every country is basically equal in the long range. Such, uses actual interest rate to carry out bank credit marketplace integration if the bank credit marketplace integration checking that the misleading sex- having a lurking- is regardless of happen, actual interest rate self difference is right away very minor. Therefore, we choose nominal profit but are not that actual interest rate is the European Union bank credit marketplace integration checkout index.
Our research range includes six the core country of European Union: France , Germany , United Kingdom , Holland , Belgium with italy. These country’s total supply and demand account for more than 80% of European Union GDP total, population being able to represent European Union on very big degree. At the same time, the marketplace unifies for the bank credit comparing provincialism with global , we expand analysis to USA and Japan.
We will use the monthly interest rate beginning from 1985 to carry out the joint entire checkout on bank loan interest rate and interest rate difference. Indicate that to bank loan interest rate , the benchmark interest rate selecting and using every country; Be deposit rates approximation expression for the interest rate calculating interest rate difference , selecting and using currency market. Both bank loan interest rate and currency market interest rate data in (International Financial Statistic ) being able to come out from International Monetary Fund (IMF),both begin all from January , 1985. The interest rate is dispatched to have two kinds forms: The absolute benefit that interest rate gets first from subtractive currency market of loan interest rate is bad; Two is that the interest rate is bad except relativity that interest rate gets with currency market from loan interest rate.
(Two) models analytical framework
1 assists entire checkout sort analytical framework
In general Er Yan , being that one order rectifies an array only if two time series yt , Xt are respective , define I (1) array, and some’s two arrays linearity combination is stable or I (0), calling a time series Yt , Xt so is to assist a round number’s, in other words , both have joint entire. Existence is certain between assisting a round number implying the two time series variable kind of long range balance relation, a time series variable change is always accompanying another time series variable change , incapable separation of both is very distant.
The entire checkout is to abide by Engel and Gelanjie (Engle and Granger mainly to European Union bank credit marketplace integration assisting , the method that 1987) builds, spreads out according to two steps. First, testify the root there existing an unit in time series; And then, estimate the joint entire vector.
That assisting entire checkout condition is to wait for the time series checking that is that one order rectifies an array only , define I (1). That the time series and the interest rate dispatch an array is I for ascertaining loan interest rate (1), the root carrying out an unit checks our need. Return equation that for this purpose, we ask to structure about interest rate and benefit the bad time series and one order differences arrays, the checkout and F carrying out t then respectively are checked. Two return equation all includes a trend variable keeping abrest of behind the interest rate lagging differences items:
Zero hypothesis expresses a time series obeying random You walking , is to be not stable. Check that zero hypothesis is Ho to the t: B = 0; Check that zero hypothesis is H0 to F: B = d = 0. Be smaller than the crisis value if the amounts’counting or F secretly scheming against out counts the amounts value, we can not decline zero hypothesis so , time series dispute is that is , stable.
Once having ascertained loan interest rate and the interest rate differential time series is I (1) array, we can right away from Du Bin one Watson (Durbin-Watson, DW) counts amounts beginning to carry out the joint entire checkout. One Watson gets Du Bin in the secondary joint entire return counting amounts , joint entire return uses interest rate or interest rate of single countries to dispatch yt to be a dependent variable , the others country’s average interest rate and average benefit dispatch European Union to be independent variable xt:
While the value calculating out DW from equation among (3)’s return is bigger than crisis value, decline either assist exactly zero hypothesis , or there exist joint entire in two time series. Engel and Gelanjie point out exactly as , one Watson checks Du Bin however be the index there existing a approximation assisting entire in certificate, it requires that the checkout gives complement more detailedly accurately other , having representativeness’s is Diji one Fule (Dickey-Fuller , one Fule (Augmented Dickey-Fuller , ADF who DF) is checked and augments Diji) checks that. Be injured that one Fule checks owing to assisting entire return equation dispatches Diji to structure a model:
The amounts estimating that parametric t counts here, have indicated joint two time series variables entire. Say concretely , compare according to that absolute value is in progress, refuse to must assist exactly zero hypothesis , show there existing joint entire relation in two time series variables while t counts amounts greater than crises value. Besides, can be in progress augmenting the Diji one Fule (ADF) checkout according to following return equation:
Compare here, according to that absolute value is in progress , refuse to be not to assist exactly zero hypothesis , be that two time series variables have joint entire while estimating that parametric t counts amounts greater than crises value.
Entire checkout there existing structure abrupt change assisting in 2
Jipulei (Caporale et al．, 1996) thinks , assisting a round number is a forceful checkout , the variable just says but then otherwise to time series in tending towards same process,within the period tending towards and happening to the long range relation tending towards the time series variable room before a surname and after,the time series variable often is must assist entire. One kind in other words, being not that joint entire is able to reflect time series variable tends towards the same course , the important premise this one conclusion is managed to set up is the abrupt change there existing structure in time series , this structure factor often is to arouse from outside effect, but is not that the time series changes the law result per se. That legislation sum policies and measures (is mainly “the unitary marketplace proposed law ” and “bank second guide an idea “) is effective if European Union boosts the bank credit marketplace unifying, so interest rate between Europe member states of the alliance difference ought to existence comes down trend, in other words , the interest rate time series has demonstrated the structure abrupt change, the European Union loan interest rate between every member state appears to tend towards a surname. According to above-mentioned viewpoint, if existence structure changes suddenly , the sample book will divide then being last two periods change suddenly front and changing suddenly , respectively carry out the joint entire checkout on this two periods and then. Being worth paying attention to is an entire checkout, according to assisting that this method carries out , is short of joint entire happening to imply existence tending towards the same course.
Fixed price behavior and the situation competing affecting a bank in passing in actual economic activity, “bank second guides an idea ” , structure formation pounds thereby to financial market , loan interest rate may demonstrate the structure abrupt change right away. The time series that therefore, we ask to there exist the structure abrupt change in pair carries out the joint entire checkout respectively. “Bank second guides an idea ” pass on 1989, the concrete law changing the person into in the homeland to each member state of European Union in September , 1993 feels at ease, can think that the structure abrupt change happens therefore basically in 1990-1993 years September within this paragraph of period. Pound if thinking that the nineties initial stage financial market can’t experience the austere outside many-sided dashing forward sending out nature, if two morals unification , European Monetary System crisis etc., that the abrupt change nature period is ascertained in 1990-1993 years is proper within this paragraph of period. You period different owing to that this thinking , we dividing entire sample book scheduled time into two: The first periods are to arrive at December , 1990 from January , 1985 , the stage representing European Union bank credit marketplace integration policies and measures not having reality being put into effect, may be called the front integration period; Second periods are to arrive at December , 1997 from September , 1993 , the integration representing the European Union bank credit marketplace begins to put stage in the day afer tomorrow into practice related policy measure , may be called the queen integration period. This paragraph of period between September , 1993 and December , 1990 is removed outside, taking as an example ensure that sufficiently two build period mutually independent , make every effort to cut down the nineties first impact of outside impingement over European Union financial market creation at the same time also.
Such , we are amended the check problem mounting a part right away, concrete note the step is in progress as follows: The first steps , face to face from January , 1985 to December , 1997 entire sample book scheduled time, (3) carries out joint entire return according to equation, each value reaching DW , DF , ADF. The practical significance these are checked is weakened to some extent under existence structure abrupt change’s condition but. And then second steps , the entire checkouts carrying out lower structure abrupt change condition assisting, divide entire sample book scheduled time into two build sample book, the sample book applying the equation (5) pair of every build respectively carries out the joint entire checkout.
(Three) model assays
1 loan interest rate and interest rate differential trend: Describe nature statistic analysis
For the degree explaining that Europe and the whole world bank credit marketplace unify,we will carry out analysis to the six key members countries of European Union and Japan , American loan interest rate and interest rate dispatch.
The data counting indicates an inner , the entire sample book expects, European Union there exists no minor difference in every average the member state currency market interest rate level, lowest being Germany (5.89%), maximal being Italy (11.66%); Every member state loan interest rate is also not equal , lowest be Germany and Holland, their average loan interest rate is 8.2% approximately , Italy is that height amounts to 12.86%.
If bank credit marketplace integration is able to lead to finance assets price on the supposition that the theory that equalling spends being founded, interest rate is lowest before that we will discover every member state nominal profit so is able to decrease to integration country’s interest rate level. The data counting is indicated, compared with front integration period, queen integration period loan interest rate comes down obviously. This circumstance is really not that Europe is proper but, come down because of USA and Japanese interest rate also are same trend, coming down just saying interest rate may be one kind of global trend , but not the unique consequence because of European Union bank credit marketplace integration policy more. Another , retro integration period, interest rate of every country seems further approaching , possible one cause is small since interest rate comes down commonly but the gap between leading to interest rate changes. The equalling and, counting a data being able to explain that interest rate has come true neither is spent, after all between Italy and two Holland countries, currency market interest rate gap reaches 4.97 percentage point , bank loan interest rate gap also has 4.28 percentage point.
The analysis dispatching to the interest rate is indicated, all countries except Belgium with italy, absolute queen integration period benefit dispatches falling off commonly compared with front integration period. But, this is not enough to explain that European Union financial market has realized integration per se, because of that the interest rate dispatches very big parts of cause coming down is every country nominal profit coming down. Analysis indicates and , face to face relative interest rate differential , the interest rate dispatches being to increase by in fact but fault falls off within this momentary scheduled time. The integration period , the relative interest rate differential excursion are to arrive at 1.10 low point of United Kingdom from 1.64′s Belgian high point before; But retro integration period, this one excursion is from 1.87 to arrive at Italian 1.15 of Belgium. The interest rate lessening can be very big degree the field explains this change. Bank loan interest rate can indicate that interest rate adds a additional forehead in currency market, but interest rate difference may define bank loan interest rate except using currency market interest rate relatively , the interest rate dispatches therefore, relatively will be able to increase by while currency market interest rate comes down. But, the data counting indicates the queen integration period , is in, interest rate differential level that all benefit other relative by analytical European Union member state except Belgium dispatches all especially rapid and intense towards German close up. Population Er Yan , the amounts describing that nature counts can not explain that the European Union bank credit marketplace unifies forcefully , have pointed out different country interest rate difference only on less degree further approaching.
2 interest rate and interest rate bad unit are checked
First, we give out the result assisting a round number checking the first steps , are just to ascertain if the time series waiting for a checkout be that one order is only exactly , are a time series whether or not I (1) array. For this purpose, we time series and their one order differences arrays respectively carries out an unit on interest rate checkout. To all interest rate (include currency market interest rate and bank loan interest rate), we are not all able to refuse to have unit zero hypothesis of root , just say all interest rate time series all dispute stable. Further we are able to decline one zero hypothesis of differences order arrays of interest rate , just say, one differences order arrays of interest rate is I (0) arrays. Therefore, we can come to a conclusion, all interest rate the time series all is that only, one order rectifies an array , is I (1) array, we can carry out the joint entire checkout on the interest rate time series. But the result checking that also indicates the by the same token , interest rate differential unit , benefit of most countries dispatches a time series to be I (1) array, (0) arrays checking that value indicates the interest rate differential array is I having several countries (Italy , Holland and United Kingdom) only. Here benefit dispatches relativity being to because loan interest rate gets rid of with currency market interest rate to benefit difference.
3 bank credit marketplaces are checked as well as the currency market assisting is entire
(1) interest rate assisting rectifies analysis
Experience analysis discovers a course, except France , Belgium , country’s currency market interest rate shows European Union other commonly being short of joint entire. But the average currency market interest rate being really not European Union falling , playing criterion role to European Union currency market interest rate in actual situation, is German currency market interest rate. Therefore, we carry out the joint entire checkout on the relation between European Union every country currency market interest rate and Germany currency market interest rate , the result idea expresses 1.
Explanation: The currency of every country of (1) European Union market interest rate array carries out return relative to Germany currency market interest rate array. (2) DW give Debin who has taken place one Watson to count the amounts checkouts value , corresponding 100 observed value crisis value is: 0.511 (1%) , 0.386 (5%) , 0.322 (10%). When pawning the DW value greater than crisis value, refuse to must assist exactly zero hypothesis , indicate existence assisting entire. (3) DF have given simple DF out return’s φCount amounts , the person corresponding 100 observed value crisis value be: 4.07 (1%) , 3.37 (5%) , 3.03 (10%). Refuse to must assist exactly zero hypothesis , indicate existence assisting entire when the crisis value comparing according to absolute value , estimating that parametric t counts amounts greater than. (4) * data there exist the result assisting entire in representative.
We can perceive Germany currency market interest rate and Belgium , Holland , currency market of United Kingdom Three Kingdoms interest rate are in two build period be to assist a round number’s, the integration period assists entire before showing especially intensely. There is lower checkout statistics amounts in France with italy , the mistake between currency market interest rate and German currency market interest rate indicating them assists entire. Being besides, being worth paying attention to, all queen integration periods checkout statistics amounts value is all lower than front integration period , just say the joint exactly retro integration period appearing especially faint, this one result accords with Jipule (Caporale , et al． , 1996′s) viewpoints , is in tending towards the same course , is able to check that assisting arriving at rectifies nature is able to fall off , is short of the result assisting entire being able to be made an explanation for tend towards with the course in other words. Population Er Yan , European Union show more obvious assisting between currency market of every country interest rate and German currency market interest rate rectifying nature and convergence.
Be in currency market interest rate by fixed exchange rate connection together, assisting between currency market interest rate can change joint entire between becoming bank loan interest rate thereby on certain degree of entire , that this changes relation is really not very clear and definite but. 1 middle is it can be seen from the form, as far as Belgium be concerned, whose currency market interest rate is to assist a round number’s in front integration period , the same term bank loan interest rate is also to assist a round number’s; But the interest rate assisting rectifies nature and assisting not leading to bank loan interest rate rectifies nature to Holland Er Yan , currency market. Therefore, we come to a conclusion , being currency market interest rate tending towards and being that the bank appears between loan interest rate assists certainly needing rectifying nature but is sufficient condition by no means.
(2) interest rate differential assisting rectify analysis
This part of our carries out interest rate differential assisting rectifying analysis. Interest rate differential assisting rectifies nature having reported being able a marketplace to be contacted rapidly and intensely joining the arbitrage strength establishing one kind of even relation of long range together. And this strength may come from Yu currency market integration , fixed price behavior tending towards the bank is retailed is same, credit marketplace arbitrage process, we do not investigate this arbitrage process back drive strength , are an even-rization course of long range only because of joint entire analysis thinks whether or not existence.
Explanation: Benefit of every country of (1) European Union dispatches the return being in progress relative to average benefit of European Union difference, correct every national checkouts, already have removed owing national interest rate differential in average benefit of European Union difference; USA and Japanese benefit dispatch the return being in progress relative to average benefit of European Union difference (include 6 countries of all European Union). (2) DW have given Debin- Watson out the value counting the amounts checkouts , the corresponding 100 observed value crisis value has been: 0.511 (1%) , 0.386 (5%) , 0.322 (10%). Think that DW declines zero hypothesis when value greater than crisis value, imply existence assisting entire. (3) ADF (k) have given the parametric estimation t augmenting Diji- Fule return out the amounts counting , k in parentheses has given the lagging augmenting Diji- Fule return out the item number, therefore simple k = 0 representatives Diji- Fule return. Corresponding 100 observed value Diji- Fule return crisis value is: 4.07 (1%) , 3.37 (5%) , 3.03 (10%), 100 observed value’s the corresponding crisis value augmenting Diji- Fule return is: 3.77 (1%) , 3.17 (5%) , 2.84 (10%). Among (4) forms *, the data represents the result joint entire doing not existing.
The interest rate that 2 has given entire sample book scheduled time out dispatches a form to assist the entire assay , the benefit being able to perceive every country of European Union out of dispatches an array to show obvious joint entire comparatively commonly. But, after dividing the sample book into former integration period and the queen integration period, the assay is able to show a lot of structure change. In general be in the first build period, the assay indicates existence generally assisting entire , the exception only is France , the part field shows joint entire only. In queen integration period,we discover joint entire being weakened. Count amounts according to ADF , be able to ascertain existence assisting entire only having United Kingdom in queen integration period.
4 area bank credit marketplace integration and the whole world bank credit marketplaces unify
Finally, we analyse the result assisting the entire checkout from area contrast angle. Or say concretely , be that 6 countries look on European Union as a overall, contrast USA and Japan study whose bank credit marketplace unifies , the major objective is clear and definite at present how old European Union bank credit marketplace integration course result being European Union area integration policy on degree in, is only a globalization result of financial market. But assisting according to front part makes result (express 1 , 2) checking that , our suffer disregarding being currency market interest rate be still loan interest rate being able to come to a conclusion,both European Union and USA , Japan joint entire does not exists, the interest rate dispatches being also so-called. This explains that the European Union bank credit marketplace unifies is a provincialism phenomenon mainly , just says, European Union bank credit marketplace integration course is the result that European Union policy drives mainly. A implication of above-mentioned result conclusion is that the European Union bank credit marketplace unifies level level far exceeding the whole world bank credit marketplace integration, this may possibly lead to some kind of degree discrimination sex welfare loss as for the whole world angle: Since the bank credit marketplace unifies, the customer may possibly be partial to the european banks in the inner choosing integration area , do not choose the cost minimum , lower price area outside bank but. For cutting down or avoiding this loss,the whole world bank credit marketplace integration should speed up developing , run into area bank credit marketplace integration course and ultimately. In a certain sense, under WTO frame, multilateral agreement of finance service trade reaching becomes the whole world bank credit marketplace integration going a step further developing having establish a fairly good basis.
Three, brief conclusion
According to joint entire foregoing words checkout, we can get the following brief conclusion: Currency market interest rate shows first, joint fairly good entire in every country of European Union , explains that European Union currency market integration degree is higher; Every country of European Union joint bank loan interest rate entire is relatively poor secondly, explain that European Union bank credit marketplace integration degree is lower, more obvious marketplace carves up existence; Thirdly, disregarding being currency market interest rate , bank loan interest rate , interest rate differential is worse comparing with others, joint queen integration period entire is all obvious weaker than integration period assisting rectifies nature in the front, relevant according to Jipule viewpoint, tending towards there being existing interest rate’s in integration period has been same after this means , European Union bank credit marketplace integration policy has brought an effect into play indeed; Fourthly, base area siding-to-siding block contrast checkout, European Union bank credit marketplace integration is one kind of provincialism phenomenon , but not the whole world bank credit marketplace integration result mainly , this implies to a certain extent also European Union bank credit marketplace integration policy playing arrive at certain role.